“Today is probably one of the most important days in the life of Rio Ave”, said the president of Rio Ave, Alexandrina Cruz, after the news that the Portuguese team is passing into the hands of Vangelis Marinakis.
Cruz first described the financial situation of Rio Ave and the reasons for this extraordinary meeting, citing the factors that make it decisive for the future of the club.
“Football has evolved and changed its philosophy and its center of action. Football is very passionate, but it is also a complex business world. And not following this evolution, not continuing to want to grow and having the conditions to do so, means accepting defeat and being irreparably left behind. Relegation and the Olinga case dragged us into a deep crisis. There are more than 13 million euros in liabilities. The lives of many families are at stake,” said the president of Rio Ave.
“It is a fragile situation when we are faced with suppliers who do not receive payment for services rendered. It is the commitments towards the State that we see that we will not be able to fulfill. Don’t think this is drama, many thought I was being dramatic, but it’s true. We have responsibility for over 600 children and young people in our education. Rio Ave is in a very difficult situation,” he said.
Vangelis Marinakis: In his hands the team… in green – Invests 20.5 million euros in the Portuguese Rio Ave
On the path she believes Rio Ave should take, Alexandrina Cruz said:
“The landscape around us has evolved and we all need to be aware of it. Do you think it was a coincidence that other clubs started to be more competitive, improve their conditions, structure themselves in the competition and get results like what they already had?
Almost all clubs in the 1st and 2nd Leagues sought foreign investment models. Braga, Famalicao, Estoril, Vizella, Portimonense, Firenze, Chavez etc. Is the history of these clubs distorted? Are their members not proud of their clubs Are these clubs closer to success than us or not? Dear members, with an open heart, if you did not consider this proposal very positive, valid and capable of bringing Rio Ave back to the path of success, you would not come here. I have no plan B. I took up my candidacy with the courage and belief that I will be able to find a solution for Rio Ave. And I did. A good solution. I strongly believe it is a great solution for Rio Ave.”
President Rio Ave: Mr. Marinakis has proven who he is in football
The head of the Petrogalic association presented the investment proposal chosen by the Board of Directors, among all those that have existed in these months, officially announcing the name of the Greek shipowner.
“Mr. Marinakis has proven who he is in football. He hasn’t just done it with his businesses. He has proven his potential in football and in particular in his most recent project with Nottingham Forest. Level up and strengthen the club. That’s how he sees Rio Ave, as part of the teams he wants to include and have as part of his European project.”
He then explained that Vangelis Marinakis “wants 80% of the shares through an increase (share capital) of Rio Ave. To this end, he immediately guarantees the financial balance of the club, by settling debts and reducing liabilities, in addition to investing in the first team in the January transfer window. In addition, a short-term priority will be infrastructure improvements at the Rio Ave stadium, as well as the continued development and growth of the club’s Academy.”
“An investment of 20.5 million euros will be guaranteed until June 2024, after which the investor will be firmly committed to the continuation of Rio Ave’s political development as its main shareholder,” he concluded.